September 26, 2024
Fortis Inc. Announces New $26 Billion Five Year Capital Outlook and 4% Increase in Fourth Quarter Dividend
September 23, 2024
Fortis Inc. Provides Standby Commitment to Caribbean Utilities Company, Ltd.
September 23, 2024
Fortis Inc. Provides Standby Commitment to Caribbean Utilities Company, Ltd.
Fortis has ten regulated electric and gas utilities in Canada, the U.S., and the Caribbean. Our 9,600 employees serve 3.5 million electricity and natural gas customers. We’re united by our shared purpose to deliver a cleaner energy future and driven by values that focus on our customers, communities, and employees. Fortis has increased annual dividends paid to our shareholders for 50 consecutive years.
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Ninety-three per cent of our assets are dedicated to the transmission and distribution of safe and reliable electricity and natural gas to our customers. We prioritize emissions reductions and expect ninety-nine per cent of our assets to be focused on energy delivery and renewable generation by 2035.
We operate in 18 jurisdictions and are virtually 100% regulated. This contributes to our low-risk investment profile and makes us one of the most geographically diverse energy companies in North America.
We have a local business model where Fortis utilities have close ties to their customers and regulators. Our leadership teams have the authority, accountability, and independence to deliver what’s most important to their communities.
Nothing matters more to us than protecting the health and safety of our employees, customers and contractors. Our pursuit of safety is relentless.
Our employees are dedicated. We take pride in working hard and doing the right thing. We seek and develop diverse talent and offer an inclusive work environment.
We believe in local decision-making. Our teams understand the communities we serve. Our companies operate independently, but together as a family of companies we do more than any of us could do alone.
We make the right decisions for the long term, even when it’s a tough call. We keep our promises and hold ourselves to the highest ethical standards.
We make our communities stronger by nurturing local partnerships and giving back to the places we proudly serve.
We are energy delivery experts, dedicated to service, performance and growth. We respect the environment and drive innovation to provide energy solutions for our customers.
employees
2023 revenue
in total assets as at June 30, 2024
customers
Independent electricity transmission
22,102 system peak load (MW)
233,000 km2 service territory
Regulated by the Federal Energy Regulatory Commission
Electricity generation, transmission and distribution, and natural gas distribution
550,000 electricity customers
169,000 natural gas customers
3,408 MW generating capacity
Regulated by the Arizona Corporation Commission
Electricity generation, transmission and distribution, and natural gas distribution
1,087,000 natural gas customers
191,000 electricity customers
51,600 km gas pipelines
7,300 km power lines
Regulated by the British Columbia Utilities Commission
Electricity distribution
592,000 customers
90,500 km distribution lines
Regulated by the Alberta Utilities Commission
Natural Gas and electricity transmission and distribution
315,000 electricity customers
90,000 natural gas customers
2,400 km gas pipelines
15,200 km power lines
Regulated by the New York Public Service Commission
Electricity generation, transmission and distribution
275,000 customers
145 MW generating capacity
11,500 km power lines
Regulated by the Newfoundland and Labrador Board of Commissioners of Public Utilities
Electricity generation, transmission and distribution
89,000 customers
90 MW generating capacity
6,700 km power lines
Regulated by the Island Regulatory and Appeals Commission
Electricity transmission and distribution
69,000 customers
3,400 km power lines
Regulated by the Ontario Energy Board
Electricity generation, transmission and distribution
34,000 customers
166 MW generating capacity
700 km power lines
Regulated by the Utility Regulation and Competition Office
Electricity generation, transmission and distribution
17,000 customers
88 MW generating capacity
700 km power lines
Regulated by the Government of the Turks and Caicos Islands
ELECTRICITY TRANSMISSION
1,800 km power lines
Regulated by the Ontario Energy Board
Today, Fortis looks back over its history with pride. From our earliest roots in Newfoundland and Labrador, generations of employees' hard work and vision propelled us to become a leading North American utility. As we look ahead to the future, we see abundant opportunities to continue on our path of growth and excellence.
The St. John’s Electric Light Company was formed. That company eventually became Newfoundland Light and Power Company and went on to be the first wholly owned subsidiary of Fortis Inc.
The Petty Harbour Electric Generating Station was completed in 1900 by St. John’s Street Railway Company. This was the first hydro plant in Newfoundland and Labrador. It continues to operate today and is a member of the Hydro Hall of Fame.
The St. John’s Electric Light Company was renamed the Newfoundland Light and Power Company.
Newfoundland Light and Power Company became a pure electric utility.
Newfoundland Light and Power Company first issued stock to the public. They had 1,600 common shareholders.
Newfoundland Light & Power Co. Limited was formed through the amalgamation of Newfoundland Light and Power Company, Union Electric Light and Power Company, and United Towns Electric Company Limited.
Newfoundland Light & Power Co. Limited celebrated 100 years of service. Common shares split 2-for-1.
Shareholders of Newfoundland Light & Power Co. Limited voted to create a holding company known as Fortis Inc. to be the 100% owner of the utility. On December 29, 1987, Fortis Inc. began trading on the Toronto Stock Exchange, signaling a new era of growth and diversification.
Dr. Angus A. Bruneau became Chairman, President and CEO of Fortis Inc. He served as Chairman for 18 years. Dr. Bruneau also served as President and Chief Executive Officer of Newfoundland Power from 1986 until 1990. He was appointed an Officer of the Order of Canada in 1983 and was awarded the Canadian Council of Professional Engineers Gold Medal in 1988.
Fortis made its first investment outside Newfoundland and Labrador with the acquisition of Maritime Electric, located on Prince Edward Island. This was followed by investments in Ontario in 1996.
Stan Marshall was appointed President and CEO of Fortis Inc. His career with Fortis spanned 35 years. Under his leadership, Fortis became the largest investor-owned gas and electric distribution utility in Canada. Total assets grew from less than $1.0 billion in 1996 to $26.6 billion when Marshall retired in December 2014.
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Fortis expanded internationally with investments in Belize in 1999 and the Cayman Islands in 2000.
Fortis acquired electric utilities in Alberta and British Columbia from Aquila Inc. The subsidiaries, which were renamed FortisAlberta and FortisBC in 2004, transformed the company. Fortis became a leader in the Canadian energy industry.
Fortis common shares split 4-for-1 after reaching nearly $100 per common share.
Fortis added to its Caribbean interests by purchasing two utilities on the Turks and Caicos Islands. The companies later became FortisTCI.
Fortis expanded its British Columbia operations to include gas distribution with the purchase of Terasen, which was later renamed FortisBC Energy.
Fortis entered the United States with the acquisition of Central Hudson, an electric and gas utility in New York State, for US$1.5 billion. The company also announced an agreement to acquire UNS Energy, a gas and electric utility in Arizona, for US$4.3 billion.
Stan Marshall retired as President and CEO on December 31, 2014. Barry Perry, Vice President of Finance and CFO of Fortis Inc., succeeded Marshall as President and CEO. Barry spearheaded the increased integration of sustainability into the Fortis business strategy and also revamped the Fortis investor relations approach. Under his leadership the company grew from $26.6 billion in assets to $55.5 billion.
Fortis acquired ITC Holdings Corp., the largest independent transmission utility in the United States, for US$11.8 billion. ITC owns and operates high-voltage transmission operations in eight states.
Following the acquisition, Fortis doubled in size and became a leading North American utility. The common shares of Fortis Inc. began trading on the New York Stock Exchange under the ticker symbol FTS. Fortis celebrated its listing by ringing the NYSE Opening Bell on October 18, 2016.
Fortis celebrated its 30th year of trading on the Toronto Stock Exchange.
After spending over 20 years in various roles within Fortis Inc., Barry Perry retired as President and CEO. He was succeeded by David Hutchens on January 1, 2021.
Fortis celebrated 50 consecutive years of increases in annual dividends paid to our shareholders. We are one of only two Canadian companies to hold this longstanding financial performance record.
